EXHIBIT 99.2
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Vinci Compass Reports Second Quarter 2026 Results
Alessandro Horta, Chief Executive Officer, stated, “Vinci Compass entered the second half of 2026 from a position of strength, supported by R$89 million in Fee Related Earnings generated during the second quarter and R$53 billion in capital formation and appreciation over the last twelve months. With the successful closing of our strategic combination with BACS in Argentina, the announced acquisition of Navi’s Real Estate platform and a robust pipeline of organic fundraising initiatives, we continue to expand our regional footprint, scale high-growth strategies, and compound long-term value for our clients and shareholders.”
Acquisition of Navi’s Real Estate Platform
“The transaction represents another important step in the execution of our long-term strategy to expand our investment capabilities, increase the scale of our platform and build a more diversified and resilient business,” said Alessandro Horta, Chief Executive Officer of Vinci Compass. “Navi’s Real Estate funds are highly complementary to our existing platform and further strengthen our presence in the Brazilian REIT market, particularly within the multi-strategy real estate segment, where Navi’s funds have consistently ranked in the top decile of the industry in terms of performance and where scale, distribution and specialized investment expertise are increasingly important. Together with our broader Real Estate and Credit franchises, this acquisition enhances the range of solutions we can offer our clients and reinforces Vinci Compass’ role as a consolidator of high-quality investment platforms across Latin America.”
Fee Related Earnings (FRE)
AUM & Dividends
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About Vinci Compass
Vinci Compass stands as the premier partner for alternative investments and global solutions in Latin America. With nearly three decades of experience and local operations from eleven offices in Latin America and the US, our expertise spans: Private Equity, Credit, Real Estate, Infrastructure, Forestry, Equities, Global Investment Products & Solutions, and Corporate Advisory. Each segment is managed by specialized teams dedicated to investment and advisory excellence. As of June 2026, Vinci Compass had R$361 billion in assets under management and advisory.
Webcast and Earnings Conference Call
Vinci Compass will host a conference call at 5:00pm ET on Tuesday, August 11, 2026, to discuss its second quarter 2026 results.
To access the webcast please visit the Events & Presentations' section of the Company's website at:
https://ir.vincicompass.com/news-and-events/events.
For those unable to listen to the live broadcast, there will be a webcast replay on the same section of the website.
Investor Contact
ShareholderRelations@vincicompass.com
NY: +1 (646) 559-8040
RJ: +55 (21) 2159-6240
USA Media Contact
Joele Frank, Wilkinson Brimmer Katcher
Kate Thompson
+1 (212) 355-4449
Brazil Media Contact
Danthi Comunicações
Carla Azevedo (carla@danthicomunicacoes.com.br)
+55 (21) 3114-0779
| Earnings Release | Vinci Compass | 3 |
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Segment Earnings
| (R$ thousands, unless mentioned) | 2Q'25 | 1Q'26 | 2Q'26 | ∆ YoY(%) | 2Q'25 YTD | 2Q'26 YTD | ∆ YoY(%) |
| Net revenue from management fees | 195,569 | 244,858 | 252,191 | 29% | 391,098 | 497,049 | 27% |
| Net revenue from advisory fees | 26,220 | 16,067 | 9,047 | (65)% | 51,073 | 25,114 | (51)% |
| Other revenues | 10,944 | 11,040 | 11,190 | 2% | 22,206 | 22,230 | 0% |
| Total Fee Related Revenuesi | 232,733 | 271,965 | 272,428 | 17% | 464,377 | 544,393 | 17% |
| Segment personnel expenses | (20,682) | (24,731) | (26,609) | 29% | (40,807) | (51,340) | 26% |
| Other G&A expenses | (17,423) | (19,298) | (19,085) | 10% | (32,854) | (38,383) | 17% |
| Placement fee amortization and rebates | (17,792) | (20,823) | (23,781) | 34% | (38,807) | (44,604) | 15% |
| Corporate center expenses | (78,484) | (70,234) | (75,927) | (3)% | (156,136) | (146,161) | (6)% |
| Bonus compensation related to management and advisory | (33,127) | (40,572) | (38,363) | 16% | (64,871) | (78,935) | 22% |
| Total Fee Related Expenses | (167,509) | (175,657) | (183,765) | 10% | (333,476) | (359,422) | 8% |
| FEE RELATED EARNINGS (FRE)ii | 65,224 | 96,308 | 88,663 | 36% | 130,901 | 184,971 | 41% |
| FRE Marginiii (%) | 28.0% | 35.4% | 32.5% | 28.2% | 34.0% | ||
| FRE per shareiv (R$/share) | 1.03 | 1.47 | 1.35 | 31% | 2.07 | 2.82 | 37% |
| Net revenue from performance fees | 8,342 | 2,890 | 7,345 | (12)% | 11,419 | 10,235 | (10)% |
| Performance based compensation | (3,683) | (1,271) | (3,214) | (13)% | (5,033) | (4,485) | (11)% |
| PERFORMANCE RELATED EARNINGS (PRE)v | 4,660 | 1,619 | 4,131 | (11)% | 6,387 | 5,750 | (10)% |
| PRE Marginvi (%) | 55.9% | 56.0% | 56.2% | 55.9% | 56.2% | ||
| (+) Realized GP investment income | 13,576 | 6,093 | 8,719 | (36)% | 17,861 | 14,812 | (17)% |
| (+) Unrealized GP investment income | (2,512) | (2,595) | (7,564) | 201% | (2,791) | (10,159) | 264% |
| INVESTMENT RELATED EARNINGS (IRE) | 11,064 | 3,498 | 1,155 | (90)% | 15,070 | 4,653 | (69)% |
| (-) Unrealized performance fees | 8,711 | – | – | N/A | 8,711 | – | N/A |
| (+) Unrealized performance compensation | (3,083) | – | – | N/A | (3,083) | – | N/A |
| (-) Unrealized GP investment income | 2,512 | 2,595 | 7,564 | 201% | 2,791 | 10,159 | 264% |
| SEGMENT DISTRIBUTABLE EARNINGSvii | 89,088 | 104,020 | 101,513 | 14% | 160,777 | 205,533 | 28% |
| Segment DE Margin (%) | 33.8% | 37.0% | 35.2% | 32.0% | 36.1% | ||
| (+) Depreciation and amortization | 2,779 | 2,765 | 2,806 | 1% | 6,140 | 5,571 | (9)% |
| (+) Realized financial income | 21,804 | 9,390 | 8,169 | (63)% | 36,227 | 17,559 | (52)% |
| (-) Leasing expenses | (3,722) | (3,891) | (4,452) | 20% | (7,480) | (8,343) | 12% |
| (-) Other itemsviii | (20,758) | (21,034) | (20,972) | 1% | (34,762) | (42,006) | 21% |
| (-) Non-operational expensesix | (618) | (314) | (1,828) | 196% | (873) | (2,142) | 145% |
| (-) Income taxes (excluding related to unrealized fees and income) | (13,236) | (21,693) | (15,629) | 18% | (22,614) | (37,322) | 65% |
| (-) Minority Interestx | – | (7,298) | (8,101) | N/A | – | (15,399) | N/A |
| DISTRIBUTABLE EARNINGS (DE)xi | 75,337 | 61,945 | 61,506 | (18)% | 137,415 | 123,451 | (10)% |
| DE Marginxii (%) | 26.4% | 21.3% | 20.7% | 25.5% | 21.0% | ||
| DE per share (R$/share) | 1.19 | 0.95 | 0.94 | (21)% | 2.17 | 1.88 | (13)% |
| (+) Nonrecurring expenses (including Income Tax effect) | 422 | 292 | 1,811 | 329% | 650 | 2,103 | 224% |
| ADJUSTED DISTRIBUTABLE EARNINGSxiii | 75,759 | 62,237 | 63,317 | (16)% | 138,065 | 125,554 | (9)% |
| Adjusted DE Marginxiv (%) | 26.6% | 21.4% | 21.3% | 25.6% | 21.4% | ||
| Adjusted DE per sharexv (R$/share) | 1.20 | 0.95 | 0.96 | (19)% | 2.18 | 1.92 | (12)% |
Total Fee Related Revenues of R$272.4 million for the quarter ended June 30, 2026, compared to R$232.7 million for the quarter ended June 30, 2025, an increase of 17% year-over-year. This increase was pushed by growth in management fees, driven mostly by the Verde and BACS transactions and organic fundraising across the Credit and Global IP&S segments, partially offset by lower advisory fees. In the quarter, management fees accounted for R$252.2 million, an increase of 29% year-over-year. Advisory fees totaled R$9.0 million, down 65% year-over-year. Other revenues, which comprise of advisory & execution fees and fund services fees, totaled R$11.2 million in the quarter. Fee Related Revenues were R$544.4 million for the year-to-date period ended June 30, 2026, up 17% when compared to the year-to-date period ended June 30, 2025, driven by the Verde and BACS transactions and continued fundraising momentum across different countries and strategies.
| Earnings Release | Vinci Compass | 4 |
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Fee Related Earnings (“FRE”) of R$88.7 million (R$1.35/share) for the quarter ended June 30, 2026, up 36% year-over-year. FRE of R$185.0 million (R$2.82/share) for the year-to-date period ended June 30, 2026, up 41% when compared to the year-to-date period ended June 30, 2025.
Performance Related Earnings (“PRE”) of R$4.1 million for the quarter ended June 30, 2026, down 11% year-over-year. Performance fees for the 2Q’26 were recognized mainly across the Credit, Equities and Global IP&S segments. PRE was R$5.8 million for the year-to-date period ended June 30, 2026, down 10% when compared to the year-to-date period ended June 30, 2025. The year-over-year comparison was impacted by higher performance fees in Equities in the 2Q’25, supported by stronger local stock market performance in the period.
Investment Related Earnings (“IRE”) of R$1.2 million for the quarter ended June 30, 2026, down 90% year-over-year. IRE in the quarter was primarily driven by dividends received from REITs and the realization of an investment in a Real Estate closed-end fund, partially offset by a decrease in Real Estate funds’ mark-to-market. In the second quarter of 2025, IRE benefited from the contribution of FIP Infra Transmissão following the conclusion of the fund's investment cycle. IRE was R$4.7 million for the year-to-date period ended June 30, 2026, down 69% when compared to the year-to-date period ended June 30, 2025.
Adjusted Distributable Earnings (“Adj. DE”) of R$63.3 million (R$0.96/share) for the quarter ended June 30, 2026, down 16% year-over-year on an absolute basis and down 19% year-over-year on a per share basis. The year-over-year comparison was primarily impacted by lower realized financial income, as capital calls from proprietary investment commitments continued to reduce the Company’s cash position, shifting capital from liquid investments to private funds. In addition, lower realized performance fees and realized IRE, particularly due to the contribution from the FIP Infra Transmissão realization in the second quarter of 2025, also affected comparability. Going forward, proprietary funds remain in their investment phase and are expected to continue drawing capital in accordance with their capital call schedules. Adjusted DE was R$125.6 million (R$1.92/share) for the year-to-date period ended June 30, 2026, down 9% when compared to the year-to-date period ended June 30, 2025, on an absolute basis, and down 12% on a per share basis.
| Earnings Release | Vinci Compass | 5 |
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Segment Highlights
Global IP&S
| (R$ thousands, unless mentioned) | 2Q'25 | 1Q'26 | 2Q'26 | ∆ YoY (%) | 2Q'25 YTD | 2Q'26 YTD | ∆ YoY (%) |
| Net revenue from management fees | 59,691 | 103,833 | 101,717 | 70% | 125,316 | 205,550 | 64% |
| Net revenue from advisory fees | 17,527 | 13,968 | 7,085 | (60)% | 40,074 | 21,053 | (47)% |
| Other revenues | 10,748 | 11,040 | 11,190 | 4% | 21,833 | 22,230 | 2% |
| Total Fee Related Revenues | 87,966 | 128,841 | 119,992 | 36% | 187,223 | 248,833 | 33% |
| Segment personnel expenses | (5,841) | (9,977) | (11,040) | 89% | (12,140) | (21,017) | 73% |
| Other G&A expenses | (8,383) | (11,682) | (11,504) | 37% | (15,426) | (23,186) | 50% |
| Placement fee amortization and rebates | (9,683) | (10,201) | (10,532) | 9% | (19,122) | (20,733) | 8% |
| Corporate center expenses | (39,995) | (35,246) | (36,694) | (8)% | (82,017) | (71,940) | (12)% |
| Bonus compensation related to management and advisory | (11,598) | (19,326) | (16,158) | 39% | (25,017) | (35,484) | 42% |
| Total Fee Related Expenses | (75,501) | (86,432) | (85,929) | 14% | (153,722) | (172,361) | 12% |
| FEE RELATED EARNINGS (FRE) | 12,466 | 42,409 | 34,062 | 173% | 33,501 | 76,471 | 128% |
| FRE Margin (%) | 14.2% | 32.9% | 28.4% | 17.9% | 30.7% | ||
| Net revenue from performance fees | 536 | 712 | 1,320 | 146% | 1,830 | 2,032 | 11% |
| Realized performance fees | 536 | 712 | 1,320 | 146% | 1,830 | 2,032 | 11% |
| Unrealized performance fees | – | – | – | N/A | – | – | N/A |
| Performance based compensation | (265) | (313) | (566) | 113% | (828) | (879) | 6% |
| PERFORMANCE RELATED EARNINGS (PRE) | 270 | 399 | 754 | 179% | 1,003 | 1,153 | 15% |
| PRE Margin (%) | 50.5% | 56.0% | 57.1% | 54.8% | 56.7% | ||
| (+) Realized GP investment income | 397 | 360 | 28 | (93)% | 692 | 388 | (44)% |
| (+) Unrealized GP investment income | (123) | 714 | (974) | 694% | (689) | (260) | (62)% |
| INVESTMENT RELATED EARNINGS (IRE) | 274 | 1,074 | (946) | N/A | 4 | 128 | 3,324% |
| (-) Unrealized GP investment income | 123 | (714) | 974 | 694% | 689 | 260 | (62)% |
| (-) Unrealized performance fees | – | – | – | N/A | – | – | N/A |
| (+) Unrealized performance compensation | – | – | – | N/A | – | – | N/A |
| SEGMENT DISTRIBUTABLE EARNINGS | 13,133 | 43,168 | 34,844 | 165% | 35,196 | 78,012 | 122% |
| Segment DE Margin (%) | 14.8% | 33.2% | 28.7% | 18.5% | 31.0% | ||
| FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM R$millions) | 228,773 | 262,178 | 272,544 | 19% | 228,773 | 272,544 | 19% |
| AVERAGE FEE RATE (%) | 0.13% | 0.18% | 0.18% | 0.13% | 0.18% | ||
| FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM R$millions) EX-UPFRONTS4 | 182,317 | 213,452 | 224,689 | 23% | 182,317 | 224,689 | 23% |
| AVERAGE FEE RATE (%) EX-UPFRONTS | 0.16% | 0.22% | 0.22% | 0.16% | 0.22% |
Fee Related Earnings (FRE) of R$34.1 million for the quarter ended June 30, 2026, up 173% year-over-year. This growth was driven by the acquisition of Verde Asset Management and the fundraising momentum in TPD Liquid and Global Solutions over the last twelve months. FRE was R$76.5 million for the year-to-date period ended June 30, 2026, up 128% when compared to the year-to-date period ended June 30, 2025.
Performance Related Earnings (PRE) of R$0.8 million for the quarter ended June 30, 2026, up 179% year-over-year. PRE was R$1.2 million for the year-to-date period ended June 30, 2026, up 15% when compared to the year-to-date period ended June 30, 2025.
Segment Distributable Earnings of R$34.8 million for the quarter ended June 30, 2026, up 165% year-over-year, driven by higher Fee Related Earnings in the quarter. Segment DE was R$78.0 million for the year-to-date period ended June 30, 2026, up 122% when compared to the year-to-date period ended June 30, 2025.
| Earnings Release | Vinci Compass | 6 |
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AUM reached R$274.0 billion, representing a 19% year-over-year increase. This growth was driven by the Verde acquisition, portfolio appreciation and net inflows, partially offset by capital returns in TPD Alternative and FX variation in U.S. dollar-denominated Global IP&S funds.
| Earnings Release | Vinci Compass | 7 |
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Credit
| (R$ thousands, unless mentioned) | 2Q'25 | 1Q'26 | 2Q'26 | ∆ YoY (%) | 2Q'25 YTD | 2Q'26 YTD | ∆ YoY (%) |
| Net revenue from management fees | 54,518 | 62,572 | 73,125 | 34% | 107,336 | 135,697 | 26% |
| Net revenue from advisory fees | – | – | – | N/A | – | – | N/A |
| Other revenues | – | – | – | N/A | – | – | N/A |
| Total Fee Related Revenues | 54,518 | 62,572 | 73,125 | 34% | 107,336 | 135,697 | 26% |
| Segment personnel expenses | (6,928) | (6,772) | (7,218) | 4% | (13,779) | (13,990) | 2% |
| Other G&A expenses | (3,191) | (3,513) | (3,073) | (4)% | (5,752) | (6,586) | 15% |
| Placement fee amortization and rebates | (7,525) | (8,576) | (10,919) | 45% | (15,590) | (19,495) | 25% |
| Corporate center expenses | (17,207) | (16,306) | (18,886) | 10% | (34,330) | (35,192) | 3% |
| Bonus compensation related to management and advisory | (8,196) | (8,643) | (10,001) | 22% | (16,213) | (18,644) | 15% |
| Total Fee Related Expenses | (43,047) | (43,810) | (50,098) | 16% | (85,664) | (93,908) | 10% |
| FEE RELATED EARNINGS (FRE) | 11,471 | 18,762 | 23,028 | 101% | 21,673 | 41,790 | 93% |
| FRE Margin (%) | 21.0% | 30.0% | 31.5% | 20.2% | 30.8% | ||
| Net revenue from performance fees | 4,507 | 161 | 4,081 | (9)% | 4,522 | 4,242 | (6)% |
| Realized performance fees | 4,507 | 161 | 4,081 | (9)% | 4,522 | 4,242 | (6)% |
| Unrealized performance fees | – | – | – | N/A | – | – | N/A |
| Performance based compensation | (1,959) | (62) | (1,782) | (9)% | (1,961) | (1,844) | (6)% |
| PERFORMANCE RELATED EARNINGS (PRE) | 2,548 | 99 | 2,298 | (10)% | 2,561 | 2,397 | (6)% |
| PRE Margin (%) | 56.5% | 61.5% | 56.3% | 56.6% | 56.5% | ||
| (+) Realized GP investment income | 1,816 | 1,650 | 2,396 | 32% | 3,292 | 4,046 | 23% |
| (+) Unrealized GP investment income | 4,703 | (824) | (246) | N/A | 8,736 | (1,070) | N/A |
| INVESTMENT RELATED EARNINGS (IRE) | 6,519 | 826 | 2,150 | (67)% | 12,028 | 2,976 | (75)% |
| (-) Unrealized GP investment income | (4,703) | 824 | 246 | N/A | (8,736) | 1,070 | N/A |
| (-) Unrealized performance fees | – | – | – | N/A | – | – | N/A |
| (+) Unrealized performance compensation | – | – | – | N/A | – | – | N/A |
| SEGMENT DISTRIBUTABLE EARNINGS | 15,835 | 20,511 | 27,722 | 75% | 27,527 | 48,233 | 75% |
| Segment DE Margin (%) | 26.0% | 31.9% | 34.8% | 23.9% | 33.5% | ||
| FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM) | 29,908 | 36,232 | 42,051 | 41% | 29,908 | 42,051 | 41% |
| AVERAGE MANAGEMENT FEE RATE (%) | 0.76% | 0.71% | 0.77% | 0.76% | 0.74% |
Fee Related Earnings (FRE) of R$23.0 million for the quarter ended June 30, 2026, up 101% year-over-year, driven by strong fundraising, particularly from SPS IV, which generated catch-up fees, and MAV IV. The growth was also supported by the Verde acquisition and the one-month contribution from BACS in the 2Q’26. FRE was R$41.8 million for the year-to-date period ended June 30, 2026, up 93% when compared to the year-to-date period ended June 30, 2025.
Investment Related Earnings (IRE) of R$2.2 million for the quarter ended June 30, 2026. In the second quarter 2025, IRE benefited from the FIP Infra Transmissão contribution, following the conclusion of the fund’s cycle. IRE was R$3.0 million for the year-to-date period ended June 30, 2026, compared to R$12.0 million for the year-to-date period ended June 30, 2025.
Segment Distributable Earnings of R$27.7 million for the quarter ended June 30, 2026, up 75% year-over-year, driven by higher FRE and IRE in the quarter. Segment DE was R$48.2 million for the year-to-date period ended June 30, 2026, up 75% when compared to the year-to-date period ended June 30, 2025.
AUM of R$42.5 billion in the quarter, up 40% year-over-year, driven by the acquisitions of Verde and BACS, as well as continued organic growth across private and liquid credit. Capital formation and appreciation remained supported by a diversified client base across multiple geographies.
| Earnings Release | Vinci Compass | 8 |
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Private Equity
| (R$ thousands, unless mentioned) | 2Q'25 | 1Q'26 | 2Q'26 | ∆ YoY (%) | 2Q'25 YTD | 2Q'26 YTD | ∆ YoY (%) |
| Net revenue from management fees | 30,710 | 28,017 | 27,290 | (11)% | 62,005 | 55,307 | (11)% |
| Net revenue from advisory fees | – | – | – | N/A | – | – | N/A |
| Other revenues | – | – | – | N/A | – | – | N/A |
| Total Fee Related Revenues | 30,710 | 28,017 | 27,290 | (11)% | 62,005 | 55,307 | (11)% |
| Segment personnel expenses | (1,178) | (1,291) | (1,395) | 18% | (2,346) | (2,686) | 14% |
| Other G&A expenses | (1,393) | (303) | (1,312) | (6)% | (2,191) | (1,615) | (26)% |
| Placement fee amortization and rebates | (363) | (356) | (352) | (3)% | (730) | (708) | (3)% |
| Corporate center expenses | (6,518) | (5,690) | (6,229) | (4)% | (12,550) | (11,919) | (5)% |
| Bonus compensation related to management and advisory | (3,636) | (3,402) | (3,752) | 3% | (7,134) | (7,154) | 0% |
| Total Fee Related Expenses | (13,088) | (11,041) | (13,040) | (0)% | (24,949) | (24,081) | (3)% |
| FEE RELATED EARNINGS (FRE) | 17,622 | 16,976 | 14,250 | (19)% | 37,055 | 31,226 | (16)% |
| FRE Margin (%) | 57.4% | 60.6% | 52.2% | 59.8% | 56.5% | ||
| Net revenue from performance fees | – | – | – | N/A | – | – | N/A |
| Realized performance fees | – | – | – | N/A | – | – | N/A |
| Unrealized performance fees | – | – | – | N/A | – | – | N/A |
| Performance based compensation | – | – | – | N/A | – | – | N/A |
| PERFORMANCE RELATED EARNINGS (PRE) | – | – | – | N/A | – | – | N/A |
| PRE Margin (%) | N/A | N/A | N/A | N/A | N/A | ||
| (+) Realized GP investment income | 1,692 | – | 737 | (56)% | 1,692 | 737 | (56)% |
| (+) Unrealized GP investment income | (5,316) | (405) | (2,253) | (58)% | (11,543) | (2,658) | (77)% |
| INVESTMENT RELATED EARNINGS (IRE) | (3,624) | (405) | (1,516) | (58)% | (9,851) | (1,921) | (80)% |
| (-) Unrealized GP investment income | 5,316 | 405 | 2,253 | (58)% | 11,543 | 2,658 | (77)% |
| (-) Unrealized performance fees | – | – | – | N/A | – | – | N/A |
| (+) Unrealized performance compensation | – | – | – | N/A | – | – | N/A |
| SEGMENT DISTRIBUTABLE EARNINGS | 19,314 | 16,976 | 14,988 | (22)% | 38,747 | 31,964 | (18)% |
| Segment DE Margin (%) | 59.6% | 60.6% | 53.5% | 60.8% | 57.0% | ||
| FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM) | 12,710 | 12,287 | 11,524 | (9)% | 12,710 | 11,524 | (9)% |
| AVERAGE MANAGEMENT FEE RATE (%) | 1.01% | 0.96% | 0.98% | 1.00% | 0.97% |
Fee Related Earnings (FRE) of R$14.3 million for the quarter ended June 30, 2026, down 19% year-over-year. The decrease was driven by the impact of FX variation and lower management fees from funds entering divestment period. FRE was R$31.2 million for the year-to-date period ended June 30, 2026, down 16% when compared to the year-to-date period ended June 30, 2025.
Investment Related Earnings (IRE) of negative R$1.5 million for the quarter ended June 30, 2026, compared to negative R$3.6 million for the quarter ended June 30, 2025. IRE was negative R$1.9 million for the year-to-date period ended June 30, 2026, compared to negative R$9.9 million for the year-to-date period ended June 30, 2025.
Segment Distributable Earnings of R$15.0 million for the quarter ended June 30, 2026, down 22% year-over-year. Segment DE was R$32.0 million for the year-to-date period ended June 30, 2026, down 18% when compared to the year-to-date period ended June 30, 2025.
AUM of R$14.2 billion at the end of the second quarter, down 10% year-over-year. The quarter was impacted by capital returns across different vintages, FX variation and a decrease in mark-to-market, following the listing of a VCP III portfolio company on the NYSE with subsequent stock price depreciation during the first half of 2026. VCP team continues sourcing new investment opportunities for Fund IV, while VIR team concentrates on structuring the next impact investing vintage, VIR V.
| Earnings Release | Vinci Compass | 9 |
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Equities
| (R$ thousands, unless mentioned) | 2Q'25 | 1Q'26 | 2Q'26 | ∆ YoY (%) | 2Q'25 YTD | 2Q'26 YTD | ∆ YoY (%) |
| Net revenue from management fees | 18,686 | 21,356 | 21,091 | 13% | 37,480 | 42,447 | 13% |
| Net revenue from advisory fees | – | – | – | N/A | – | – | N/A |
| Other revenues | – | – | – | N/A | – | – | N/A |
| Total Fee Related Revenues | 18,686 | 21,356 | 21,091 | 13% | 37,480 | 42,447 | 13% |
| Segment personnel expenses | (2,969) | (3,006) | (3,302) | 11% | (5,238) | (6,308) | 20% |
| Other G&A expenses | (1,497) | (2,012) | (1,892) | 26% | (3,618) | (3,904) | 8% |
| Placement fee amortization and rebates | (1,402) | (1,463) | (1,751) | 25% | (2,953) | (3,214) | 9% |
| Corporate center expenses | (5,991) | (6,325) | (6,430) | 7% | (11,692) | (12,755) | 9% |
| Bonus compensation related to management and advisory | (2,601) | (4,208) | (3,861) | 48% | (5,163) | (8,069) | 56% |
| Total Fee Related Expenses | (14,460) | (17,014) | (17,236) | 19% | (28,663) | (34,250) | 19% |
| FEE RELATED EARNINGS (FRE) | 4,226 | 4,342 | 3,855 | (9)% | 8,817 | 8,197 | (7)% |
| FRE Margin (%) | 22.6% | 20.3% | 18.3% | 23.5% | 19.3% | ||
| Net revenue from performance fees | 3,299 | 2,017 | 1,943 | (41)% | 5,066 | 3,960 | (22)% |
| Realized performance fees | 3,299 | 2,017 | 1,943 | (41)% | 5,066 | 3,960 | (22)% |
| Unrealized performance fees | – | – | – | N/A | – | – | N/A |
| Performance based compensation | (1,426) | (896) | (866) | (39)% | (2,212) | (1,762) | (20)% |
| PERFORMANCE RELATED EARNINGS (PRE) | 1,873 | 1,121 | 1,078 | (42)% | 2,854 | 2,199 | (23)% |
| PRE Margin (%) | 56.8% | 55.6% | 55.5% | 56.3% | 55.5% | ||
| (+) Realized GP investment income | – | – | – | N/A | – | – | N/A |
| (+) Unrealized GP investment income | 1,997 | – | – | (100)% | 3,790 | – | (100)% |
| INVESTMENT RELATED EARNINGS (IRE) | 1,997 | – | – | (100)% | 3,790 | – | (100)% |
| (-) Unrealized GP investment income | (1,997) | – | – | (100)% | (3,790) | – | (100)% |
| (-) Unrealized performance fees | – | – | – | N/A | – | – | N/A |
| (+) Unrealized performance compensation | – | – | – | N/A | – | – | N/A |
| SEGMENT DISTRIBUTABLE EARNINGS | 6,099 | 5,463 | 4,933 | (19)% | 11,671 | 10,396 | (11)% |
| Segment DE Margin (%) | 27.7% | 23.4% | 21.4% | 27.4% | 22.4% | ||
| FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM) | 15,502 | 16,036 | 15,444 | (0)% | 15,502 | 15,444 | (0)% |
| AVERAGE MANAGEMENT FEE RATE (%) | 0.51% | 0.57% | 0.56% | 0.53% | 0.57% |
Fee Related Revenues of R$21.1 million for the quarter ended June 30, 2026, up 13% year-over-year. This increase was driven by the contribution of Verde and portfolio appreciation over the last twelve months.
Fee Related Earnings (FRE) of R$3.9 million for the quarter ended June 30, 2026, down 9% year-over-year. FRE was R$8.2 million for the year-to-date period ended June 30, 2026, down 7% when compared to the year-to-date period ended June 30, 2025.
Performance Related Earnings (PRE) of R$1.1 million for the quarter ended June 30, 2026, down 42% year-over-year, driven by performance fees recognized across selected strategies in the period. PRE was R$2.2 million for the year-to-date period ended June 30, 2026, down 23% when compared to the year-to-date period ended June 30, 2025.
Segment Distributable Earnings of R$4.9 million for the quarter ended June 30, 2026, down 19% year-over-year, reflecting lower FRE and PRE in the period. Segment DE was R$10.4 million for the year-to-date period ended June 30, 2026, down 11% when compared to the year-to-date period ended June 30, 2025.
AUM of R$15.5 billion at the end of the second quarter 2026, flat year-over-year, reflecting the acquisitions of Verde and BACS and portfolio appreciation, partially offset by FX variation and net outflows.
| Earnings Release | Vinci Compass | 10 |
| | |
Real Assets
| (R$ thousands, unless mentioned) | 2Q'25 | 1Q'26 | 2Q'26 | ∆ YoY (%) | 2Q'25 YTD | 2Q'26 YTD | ∆ YoY (%) |
| Net revenue from management fees | 31,963 | 29,080 | 28,968 | (9)% | 58,960 | 58,048 | (2)% |
| Net revenue from advisory fees | 473 | 460 | 519 | 10% | 2,322 | 979 | (58)% |
| Other revenues | 197 | – | – | (100)% | 374 | – | (100)% |
| Total Fee Related Revenues | 32,633 | 29,540 | 29,487 | (10)% | 61,656 | 59,027 | (4)% |
| Segment personnel expenses | (3,054) | (2,939) | (2,879) | (6)% | (6,040) | (5,818) | (4)% |
| Other G&A expenses | (2,676) | (1,664) | (1,053) | (61)% | (5,450) | (2,717) | (50)% |
| Placement fee amortization and rebates | 1,181 | (227) | (227) | N/A | (413) | (454) | 10% |
| Corporate center expenses | (7,712) | (5,539) | (6,379) | (17)% | (13,642) | (11,918) | (13)% |
| Bonus compensation related to management and advisory | (4,829) | (4,533) | (4,358) | (10)% | (8,912) | (8,891) | (0)% |
| Total Fee Related Expenses | (17,089) | (14,901) | (14,894) | (13)% | (34,457) | (29,795) | (14)% |
| FEE RELATED EARNINGS (FRE) | 15,543 | 14,639 | 14,593 | (6)% | 27,199 | 29,232 | 7% |
| FRE Margin (%) | 47.6% | 49.6% | 49.5% | 44.1% | 49.5% | ||
| Net revenue from performance fees | 1 | – | 1 | (11)% | 1 | 1 | (11)% |
| Realized performance fees | 8,713 | – | 1 | (100)% | 8,713 | 1 | (100)% |
| Unrealized performance fees | (8,711) | – | – | (100)% | (8,711) | – | (100)% |
| Performance based compensation | (32) | – | – | (100)% | (32) | – | (100)% |
| PERFORMANCE RELATED EARNINGS (PRE) | (31) | – | 1 | N/A | (31) | 1 | N/A |
| PRE Margin (%) | (2,759.3)% | N/A | 100.0% | N/A | 100.0% | ||
| (+) Realized GP investment income | 9,672 | 4,083 | 5,558 | (43)% | 12,184 | 9,641 | (21)% |
| (+) Unrealized GP investment income | (3,773) | (2,080) | (4,091) | 8% | (3,086) | (6,171) | 100% |
| INVESTMENT RELATED EARNINGS (IRE) | 5,899 | 2,003 | 1,467 | (75)% | 9,098 | 3,470 | (62)% |
| (-) Unrealized GP investment income | 3,773 | 2,080 | 4,091 | 8% | 3,086 | 6,171 | 100% |
| (-) Unrealized performance fees | 8,711 | – | – | (100)% | 8,711 | – | (100)% |
| (+) Unrealized performance compensation | (3,083) | – | – | (100)% | (3,083) | – | (100)% |
| SEGMENT DISTRIBUTABLE EARNINGS | 30,813 | 18,722 | 20,151 | (35)% | 44,981 | 38,873 | (14)% |
| Segment DE Margin (%) | 60.4% | 55.7% | 57.5% | 54.5% | 56.6% | ||
| FEE EARNING ASSETS UNDER MANAGEMENT (FEAUM) | 12,026 | 12,703 | 12,473 | 4% | 12,026 | 12,473 | 4% |
| AVERAGE MANAGEMENT FEE RATE (%) | 1.13% | 0.97% | 0.97% | 1.05% | 0.97% |
Fee Related Earnings (FRE) of R$14.6 million for the quarter ended June 30, 2026, compared to R$15.5 million for the quarter ended June 30, 2025, a decrease of 6% year-over-year. This decrease was primarily driven by the infrastructure catch-up fee recognized in the prior-year period, which elevated the comparison base. Excluding the catch-up fees from the VICC final closing in the second quarter 2025, FRE would have increased approximately 40% year-over-year. FRE was R$29.2 million for the year-to-date period ended June 30, 2026, up 7% when compared to the year-to-date period ended June 30, 2025.
Investment Related Earnings (IRE) of R$1.5 million for the quarter ended June 30, 2026, compared to R$5.9 million for the quarter ended June 30, 2025. The FIP Infra Transmissão fund realization positively impacted realized GP investment income in the second quarter 2025, following the conclusion of the fund’s cycle. IRE was R$3.5 million for the year-to-date period ended June 30, 2026, compared to R$9.1 million for the year-to-date period ended June 30, 2025.
Segment Distributable Earnings of R$20.2 million for the quarter ended June 30, 2026, compared to R$30.8 million for the quarter ended June 30, 2025, a decrease of 35% year-over-year. Segment DE was R$38.9 million for the year-to-date period ended June 30, 2026, compared to R$45.0 million for the year-to-date period ended June 30, 2025, a decrease of 14% year-over-year.
| Earnings Release | Vinci Compass | 11 |
| | |
AUM of R$15.0 billion at the end of the second quarter 2026, up 25% year-over-year, reflecting strong capital formation and appreciation over the last twelve months.
| Earnings Release | Vinci Compass | 12 |
| | |
Corporate Advisory
| (R$ thousands, unless mentioned) | 2Q'25 | 1Q'26 | 2Q'26 | ∆ YoY (%) | 2Q'25 YTD | 2Q'26 YTD | ∆ YoY (%) |
| Net revenue from management fees | – | – | – | N/A | – | – | N/A |
| Net revenue from advisory fees | 8,220 | 1,639 | 1,443 | (82)% | 8,677 | 3,082 | (64)% |
| Other revenues | – | – | – | N/A | – | – | N/A |
| Total Fee Related Revenues | 8,220 | 1,639 | 1,443 | (82)% | 8,677 | 3,082 | (64)% |
| Segment personnel expenses | (712) | (746) | (775) | 9% | (1,265) | (1,521) | 20% |
| Other G&A expenses | (284) | (124) | (251) | (12)% | (418) | (375) | (10)% |
| Placement fee amortization and rebates | – | – | – | N/A | – | – | N/A |
| Corporate center expenses | (1,061) | (1,128) | (1,309) | 23% | (1,905) | (2,437) | 28% |
| Bonus compensation related to management and advisory | (2,267) | (460) | (233) | (90)% | (2,433) | (693) | (72)% |
| Total Fee Related Expenses | (4,323) | (2,459) | (2,568) | (41)% | (6,020) | (5,027) | (17)% |
| FEE RELATED EARNINGS (FRE) | 3,897 | (820) | (1,125) | N/A | 2,657 | (1,945) | N/A |
| FRE Margin (%) | 47% | (50)% | (78)% | 31% | (63)% | ||
| SEGMENT DISTRIBUTABLE EARNINGS | 3,897 | (820) | (1,125) | N/A | 2,657 | (1,945) | N/A |
| Segment DE Margin (%) | 47% | (50)% | (78)% | 31% | (63)% |
Fee Related Earnings (FRE) of negative R$1.1 million for the quarter ended June 30, 2026, compared to R$3.9 million for the quarter ended June 30, 2025. In an environment of high interest rates and electoral uncertainties, M&A and debt structuring activity has remained subdued. Against this backdrop, the Corporate Advisory team continues to work on an extensive pipeline of opportunities. FRE was negative R$1.9 million for the year-to-date period ended June 30, 2026, compared to positive R$2.7 million for the year-to-date period ended June 30, 2025.
| Earnings Release | Vinci Compass | 13 |
| | |
Income Statement
| (R$ thousands, unless mentioned) | 2Q'25 | 1Q'26 | 2Q'26 | ∆ YoY (%) |
2Q'25 YTD | 2Q'26 YTD | ∆ YoY (%) |
| REVENUES | |||||||
| Net revenue from management fees | 195,569 | 244,858 | 252,191 | 29% | 391,098 | 497,049 | 27% |
| Net revenue from performance fees | 8,342 | 2,890 | 7,345 | (12)% | 11,419 | 10,235 | (10)% |
| Realized performance fees | 17,054 | 2,890 | 7,345 | (57)% | 20,131 | 10,235 | (49)% |
| Unrealized performance fees | (8,711) | – | – | N/A | (8,711) | – | N/A |
| Net revenue from advisory | 26,220 | 16,067 | 9,047 | (65)% | 51,073 | 25,114 | (51)% |
| Other revenues | 10,944 | 11,040 | 11,190 | 2% | 22,206 | 22,230 | 0% |
| Total net revenues from services rendered | 241,075 | 274,855 | 279,773 | 16% | 475,796 | 554,628 | 17% |
| OPERATING EXPENSES | |||||||
| Bonus related to management and advisory | (33,127) | (40,572) | (38,363) | 16% | (64,871) | (78,935) | 22% |
| Performance based compensation | (3,683) | (1,271) | (3,214) | (13)% | (5,033) | (4,485) | (11)% |
| Realized | (6,766) | (1,271) | (3,214) | (52)% | (8,116) | (4,485) | (45)% |
| Unrealized | 3,083 | – | – | N/A | 3,083 | – | N/A |
| Total compensation and benefits | (36,810) | (41,843) | (41,577) | 13% | (69,904) | (83,420) | 19% |
| Segment personnel expenses | (20,682) | (24,731) | (26,609) | 29% | (40,807) | (51,340) | 26% |
| Other general and administrative expenses | (17,423) | (19,298) | (19,085) | 10% | (32,854) | (38,383) | 17% |
| Placement fee amortization and rebates | (17,792) | (20,823) | (23,781) | 34% | (38,807) | (44,604) | 15% |
| Corporate center expenses | (78,484) | (70,234) | (75,927) | (3)% | (156,136) | (146,161) | (6)% |
| Total expenses | (171,191) | (176,928) | (186,979) | 9% | (338,508) | (363,907) | 8% |
| Operating profit | 69,884 | 97,927 | 92,794 | 33% | 137,288 | 190,721 | 39% |
| OTHER GP AND FINANCIAL INCOME AND EXPENSES | |||||||
| Investment Related Earnings (IRE) | 11,064 | 3,498 | 1,155 | (90)% | 15,070 | 4,653 | (69)% |
| Realized gain from GP investment income | 13,576 | 6,093 | 8,719 | (36)% | 17,861 | 14,812 | (17)% |
| Unrealized gain from GP investment income | (2,512) | (2,595) | (7,564) | 201% | (2,791) | (10,159) | 264% |
| Financial income | 21,804 | 9,390 | 8,169 | (63)% | 36,227 | 17,559 | (52)% |
| Realized gain from financial income | 21,804 | 9,390 | 8,169 | (63)% | 36,227 | 17,559 | (52)% |
| Unrealized gain from financial income | – | – | – | N/A | – | – | N/A |
| Leasing expenses | (3,722) | (3,891) | (4,452) | 20% | (7,480) | (8,343) | 12% |
| Other items | (5,165) | 42,389 | (11,460) | 122% | (9,623) | 30,929 | N/A |
| Equity gain (loss) | (3,996) | 885 | 262 | N/A | (6,197) | 1,147 | N/A |
| Equity-based compensation | (6,994) | (5,753) | (8,492) | 21% | (11,997) | (14,245) | 19% |
| Management contract amortization | (3,471) | (5,596) | (5,286) | 52% | (6,341) | (10,882) | 72% |
| Non-operational expenses | (618) | (314) | (1,828) | 196% | (873) | (2,142) | 145% |
| Total Other items | 8,902 | 40,608 | (21,932) | N/A | 8,786 | 18,676 | 113% |
| Profit before income taxes | 78,785 | 138,535 | 70,862 | (10)% | 146,073 | 209,397 | 43% |
| (-) Income taxes | (12,012) | (29,197) | (18,299) | 52% | (23,372) | (47,496) | 103% |
| NET INCOME | 66,773 | 109,338 | 52,563 | (21)% | 122,701 | 161,901 | 32% |
| (+) Non-operational expenses (including Income Tax effect) | 422 | 292 | 1,811 | 329% | 650 | 2,103 | 224% |
| (-) Contingent consideration adjustment related to acquisitions | (10,851) | (35,545) | (8,681) | (20)% | (18,992) | (44,226) | 133% |
| (+) OCI adjustment | – | (23,007) | 2,019 | N/A | – | (20,988) | N/A |
| ADJUSTED NET INCOME | 56,345 | 51,078 | 47,711 | (15)% | 104,360 | 98,789 | (5)% |
| Attributable to the shareholders of the parent company | 57,172 | 44,759 | 42,965 | (25)% | 105,791 | 87,724 | (17)% |
| Attributable to non-controlling interests | (827) | 6,319 | 4,746 | N/A | (1,431) | 11,065 | N/A |
Total net revenues from services rendered were R$279.8 million for the quarter ended June 30, 2026, up 16% year-over-year. This growth was driven by higher management fees in the period, resulting from the acquisitions of Verde and BACS, combined with organic fundraising primarily across the Global IP&S and Credit segments, partially offset by lower advisory fees and performance fees. Net revenues for the year-to-date period ended June 30, 2026, were R$554.6 million, up 17% when compared to the year-to-date period ended June 30, 2025.
| · | Management fee revenues of R$252.2 million for the quarter ended June 30, 2026, up 29% year- |
| Earnings Release | Vinci Compass | 14 |
| | |
over-year. Management fees for the year-to-date period ended June 30, 2026, were R$497.0 million, up 27% when compared to the year-to-date period ended June 30, 2025.
| · | Performance fee revenues of R$7.3 million for the quarter ended June 30, 2026, down 12% year-over-year. Performance fee revenues for the year-to-date period ended June 30, 2026, were R$10.2 million, down 10% when compared to the year-to-date period ended June 30, 2025. |
| · | Advisory fee revenues of R$9.0 million for the quarter ended June 30, 2026, compared to R$26.2 million for the quarter ended June 30, 2025, a 65% decrease year-over-year. Advisory revenues for the year-to-date period ended June 30, 2026, were R$25.1 million, down 51% when compared to the year-to-date period ended June 30, 2025. |
| · | Other revenues of R$11.2 million for the quarter ended June 30, 2026, up 2% year-over-year. Other revenues for the year-to-date period ended June 30, 2026, were R$22.2 million, broadly flat when compared to the year-to-date period ended June 30, 2025. |
Total expenses for the quarter ended June 30, 2026, of R$187.0 million, compared to R$171.2 million for the quarter ended June 30, 2025, an increase of 9% year-over-year. Total expenses for the year-to-date period ended June 30, 2026, were R$363.9 million, up 8% when compared to the year-to-date period ended June 30, 2025. This increase is primarily attributed to the acquisitions of Verde and BACS, as well as higher placement fees and rebates associated with business growth and distribution activities.
| · | Bonus related to management and advisory fees of R$38.4 million for the quarter ended June 30, 2026, compared to R$33.1 million for the quarter ended June 30, 2025, a 16% increase year-over-year. Bonus related to management and advisory fees for the year-to-date period ended June 30, 2026, was R$78.9 million, up 22% year-over-year. |
| · | Performance based compensation of R$3.2 million for the quarter ended June 30, 2026, compared to R$3.7 million for the quarter ended June 30, 2025, a 13% decrease year-over-year. Performance based compensation for the year-to-date period ended June 30, 2026, was R$4.5 million, down 11% year-over-year. |
| · | Segment personnel expenses of R$26.6 million for the quarter ended June 30, 2026, compared to R$20.7 million for the quarter ended June 30, 2025, an increase of 29% year-over-year. Segment personnel expenses for the year-to-date period ended June 30, 2026, were R$51.3 million, up 26% year-over-year. |
| · | Corporate center expenses of R$75.9 million for the quarter ended June 30, 2026, compared to R$78.5 million for the quarter ended June 30, 2025, a 3% decrease year-over-year. Corporate center expenses for the year-to-date period ended June 30, 2026, were R$146.2 million, down 6% year-over-year. |
| · | Other general and administrative expenses of R$19.1 million for the quarter ended June 30, 2026, compared to R$17.4 million for the quarter ended June 30, 2025, an increase of 10% year- |
| Earnings Release | Vinci Compass | 15 |
| | |
over-year. Other G&A expenses for the year-to-date period ended June 30, 2026, were R$38.4 million, up 17% year-over-year.
| · | Placement fee amortization and rebates of R$23.8 million for the quarter ended June 30, 2026, up 34% year-over-year. Placement fee amortization and rebates for the year-to-date period ended June 30, 2026 totaled R$44.6 million, up 15% year-over-year. |
Operating profit of R$92.8 million for the quarter ended June 30, 2026, compared to R$69.9 million for the quarter ended June 30, 2025, an increase of 33% year-over-year. Operating profit for the year-to-date period ended June 30, 2026 was R$190.7 million, up 39% compared to the year-to-date period ended June 30, 2025.
Investment Related Earnings (IRE), a result of the company’s GP investments in its proprietary private market funds, was R$1.2 million for the quarter ended June 30, 2026, down 90% year-over-year. IRE for the year-to-date period ended June 30, 2026 totaled R$4.7 million, down 69% year-over-year.
Financial income of R$8.2 million for the quarter ended June 30, 2026, down 63% year-over-year. Financial income for the year-to-date period ended June 30, 2026 was R$17.6 million, down 52% year-over-year.
Leasing expenses of R$4.5 million for the quarter ended June 30, 2026, compared to R$3.7 million for the quarter ended June 30, 2025, an increase of 20% year-over-year. Leasing expenses for the year-to-date period ended June 30, 2026 were R$8.3 million, up 12% year-over-year.
Other items of negative R$11.5 million for the quarter ended June 30, 2026, compared to negative R$5.2 million for the quarter ended June 30, 2025. This line comprises the income/(loss) generated by contingent consideration adjustment, financial income/(expenses) related to SPS, Compass and Verde acquisitions, Ares Convertible Preferred Shares, and other financial expenses.
Equity-based compensation of R$8.5 million for the quarter ended June 30, 2026, compared to R$7.0 million for the quarter ended June 30, 2025, an increase of 21% year-over-year. Equity-based compensation for the year-to-date period ended June 30, 2026 was R$14.2 million.
Profit before income taxes of R$70.9 million for the quarter ended June 30, 2026, compared to R$78.8 million in the same period of 2025, down 10% year-over-year. Profit before income taxes for the year-to-date period ended June 30, 2026 was R$209.4 million, up 43%.
Income taxes of R$18.3 million for the quarter ended June 30, 2026, compared to R$12.0 million for the quarter ended June 30, 2025. Income taxes for the year-to-date period ended June 30, 2026 were R$47.5 million.
Non-operational expenses of R$1.8 million for the quarter ended June 30, 2026. Non-operational expenses are comprised of expenses related to professional services rendered in connection with acquisitions.
Contingent consideration adjustment related to acquisitions, after tax, of negative R$8.7 million for the quarter ended June 30, 2026, compared to negative R$35.5 million in the previous quarter. Contingent
| Earnings Release | Vinci Compass | 16 |
| | |
consideration adjustments are related to the SPS, Compass and Verde acquisitions, and reflect changes in the fair value of earn-outs to be paid in stock due to variations in the VINP stock price in the period.
OCI adjustment of positive R$2.0 million for the quarter ended June 30, 2026. OCI comprises foreign exchange variations from the consolidation of subsidiaries whose functional currencies are not Brazilian reais, which are recognized directly in shareholders’ equity and do not affect profit or loss.
Adjusted net income of R$47.7 million for the quarter ended June 30, 2026, compared to R$56.3 million for the quarter ended June 30, 2025, a 15% decrease year-over-year. Adjusted net income for year-to-date 2026 was R$98.8 million, down 5% year-over-year.
| Earnings Release | Vinci Compass | 17 |
| | |
Supplemental Details
Assets Under Management (AUM) Rollforward
For the Three Months Ended June 30, 2026
In R$ millions |
Global IP&S | Credit | Private Equity | Equities | Real Assets | Total |
| Beginning balance | 263,503 | 36,813 | 14,975 | 16,086 | 15,427 | 346,803 |
| (+/-) Capital Subscription / (capital return) | 241 | 429 | (93) | – | (109) | 468 |
| (+) Capital Subscription | 241 | 542 | – | – | 28 | 811 |
| (-) Capital Return | – | (113) | (93) | – | (137) | (343) |
| (+) Acquisitions | – | 3,979 | – | 30 | – | 4,009 |
| (+/-) Net Inflow / (outflow) | (5,694) | 513 | – | (64) | (5) | (5,250) |
| (+/-) FX Variation | (1,962) | (195) | (17) | (36) | (35) | (2,245) |
| (+/-) Appreciation / (depreciation) | 17,877 | 964 | (695) | (526) | (212) | 17,409 |
| Ending balance | 273,965 | 42,503 | 14,170 | 15,490 | 15,066 | 361,195 |
For the Twelve Months Ended June 30, 2026
In R$ millions |
Global IP&S | Credit | Private Equity | Equities | Real Assets | Total |
| Beginning balance | 230,155 | 30,459 | 15,769 | 15,552 | 12,123 | 304,057 |
| (+/-) Capital Subscription / (capital return) | 235 | 401 | (208) | – | 2,180 | 2,608 |
| (+) Capital Subscription | 241 | 1,172 | 1 | – | 3,155 | 4,570 |
| (-) Capital Return | (6) | (771) | (209) | – | (976) | (1,962) |
| (+) Acquisitions | 14,458 | 4,495 | – | 651 | – | 19,603 |
| (+/-) Net Inflow / (outflow) | 9,802 | 5,556 | – | (2,912) | (14) | 12,433 |
| (+/-) FX Variation | (11,868) | (1,209) | (108) | (268) | (229) | (13,682) |
| (+/-) Appreciation / (depreciation) | 31,184 | 2,801 | (1,282) | 2,467 | 1,006 | 36,176 |
| Ending balance | 273,965 | 42,503 | 14,170 | 15,490 | 15,066 | 361,195 |
| Earnings Release | Vinci Compass | 18 |
| | |
Fee-Earning Assets Under Management (FEAUM) Rollforward
For the Three Months Ended June 30, 2026
In R$ millions |
Global IP&S | Credit | Private Equity | Equities | Real Assets | Total |
| Beginning balance | 262,178 | 36,232 | 12,287 | 16,036 | 12,703 | 339,435 |
| (+/-) Capital Subscription / (capital return) | 241 | 429 | (93) | – | (109) | 468 |
| (+) Capital Subscription | 241 | 542 | – | – | 28 | 811 |
| (-) Capital Return | – | (113) | (93) | – | (137) | (343) |
| (+) Acquisitions | – | 3,979 | – | 30 | – | 4,009 |
| (+/-) Net Inflow / (outflow) | (5,770) | 645 | – | (65) | (5) | (5,196) |
| (+/-) FX Variation | (1,957) | (191) | (7) | (36) | (13) | (2,205) |
| (+/-) Appreciation / (depreciation) | 17,852 | 958 | (662) | (520) | (102) | 17,525 |
| Ending balance | 272,544 | 42,051 | 11,524 | 15,444 | 12,473 | 354,036 |
For the Twelve months Ended June 30, 2026
In R$ millions |
Global IP&S | Credit | Private Equity | Equities | Real Assets | Total |
| Beginning balance | 228,773 | 29,908 | 12,710 | 15,502 | 12,026 | 298,920 |
| (+/-) Capital Subscription / (capital return) | 235 | 392 | (208) | – | (494) | (75) |
| (+) Capital Subscription | 241 | 1,163 | – | – | 482 | 1,886 |
| (-) Capital Return | (6) | (771) | (208) | – | (976) | (1,960) |
| (+) Acquisitions | 14,458 | 4,495 | – | 651 | – | 19,603 |
| (+/-) Net Inflow / (outflow) | 9,686 | 5,396 | – | (2,901) | (14) | 12,166 |
| (+/-) FX Variation | (11,837) | (1,185) | (99) | (267) | (66) | (13,453) |
| (+/-) Appreciation / (depreciation) | 31,229 | 3,045 | (880) | 2,459 | 1,021 | 36,874 |
| Ending balance | 272,544 | 42,051 | 11,524 | 15,444 | 12,473 | 354,036 |
| Earnings Release | Vinci Compass | 19 |
| | |
Investment Records – IP&S, Public Equities, Private Credit and Listed Funds
| Fund | Segment | NAVxvi (R$ millions) |
2Q'26 | YTD | 12 M | 24 M | Market Comparison |
Index Rate |
| Vinci Total Return | Equities | 228.2 | (6.5)% | 1.2% | 12.3% | 29.5% | IPCA + Yield IMA-B | IPCA + Yield IMA-B |
| Mosaico Strategy | Equities | 871.3 | (4.8)% | 7.2% | 20.5% | 32.8% | IBOV | IBOV |
| Vinci Gas Dividendos FIA | Equities | 342.1 | (6.9)% | 6.8% | 21.8% | 38.4% | IBOV | IBOV |
| Compass CRECE+ | Equities | 255.0 | 1.2% | 9.9% | 24.2% | 54.1% | S&P/BMV IPC | N/A |
| Compass Crecimiento | Equities | 367.4 | 6.4% | 5.1% | 56.2% | 97.3% | S&P MERVAL | N/A |
| Compass Small Cap Chile | Equities | 1,770.5 | (0.6)% | (0.6)% | 27.9% | 58.1% | N/A | N/A |
| Vinci Crédito Imobiliário II | Credit | 659.0 | 2.0% | 5.6% | 9.9% | 21.1% | IPCA | IPCA + 6% |
| Vinci Energia Sustentável | Credit | 479.4 | 1.3% | 4.9% | 11.3% | 20.9% | IPCA | IPCA + 6% |
| Vinci Crédito Multiestratégia | Credit | 294.0 | 2.8% | 6.1% | 12.2% | 26.3% | CDI | IPCA + 5% |
| Compass Latam Corporate Debt Fund | Credit | 5,577.6 | 2.9% | 2.8% | 7.6% | 17.3% | CEMBI Broad Div | N/A |
| Compass Latam High Yield USD | Credit | 1,810.6 | 3.6% | 4.5% | 7.8% | 18.3% | CEMBI Broad Div HY | N/A |
| Compass I+LIQG | Credit | 3,335.2 | 1.7% | 3.6% | 7.8% | 19.1% | PIP Cetes 28D | N/A |
| Compass Credit Selection | Credit | 1,387.2 | 3.4% | 6.9% | 15.0% | 29.7% | CDI | N/A |
| Compass Yield 30 | Credit | 1,764.3 | 3.9% | 7.5% | 15.1% | 30.3% | CDI | CDI |
| Compass Deuda Plus | Credit | 573.7 | 1.5% | 3.6% | 7.6% | 19.0% | N/A | N/A |
| Compass Renta Fija-B | Credit | 698.9 | 1.1% | 0.8% | 3.1% | 8.1% | CEMBI Broad Div | N/A |
| Vinci Multiestratégia FIM | Global IP&S | 37.8 | 3.0% | 6.0% | 13.0% | 25.2% | CDI | CDI |
| Atlas Strategy | Global IP&S | 97.9 | 2.1% | 4.5% | 10.5% | 23.9% | CDI | CDI |
| Vinci Valorem FIM | Global IP&S | 610.5 | 3.4% | 7.3% | 14.4% | 24.4% | IMA-B | IMA-B |
| Equilibrio Strategy | Global IP&S | 515.7 | 2.5% | 5.7% | 11.6% | 18.9% | IPCA | N/A |
| Vinci Retorno Real FIM | Global IP&S | 85.6 | 3.0% | 8.9% | 16.1% | 21.2% | IMA-B | IMA-B |
| VISC11 |
Real Assets
(listed REIT)
|
3,044.9 | (1.2)% | 1.4% | 11.7% | 9.2% | IFIX | IPCA + 6% |
| VILG11 |
Real Assets
(listed REIT)
|
1,405.9 | (2.8)% | (1.1)% | 20.4% | 36.0% | IFIX | IPCA + 6% |
| VINO11 |
Real Assets
(listed REIT)
|
386.4 | (4.0)% | (2.9)% | 3.9% | (14.6)% | IFIX | IPCA + 6% |
| VIUR11 |
Real Assets
(listed REIT)
|
62.8 | 20.4% | 13.7% | 31.6% | 30.5% | IFIX | IPCA + 6% |
| VCRI11 |
Real Assets
(listed REIT)
|
126.2 | 1.5% | 6.0% | 11.9% | 12.0% | IFIX | IPCA + X% |
| VICA11 | Real Assets (REIT) | 394.7 | 0.2% | 0.3% | 1.8% | 5.0% | IFIX | CDI + 1% |
| VINCI FOF IMOBILIARIO FIM CP | Real Assets (REIT) | 42.1 | (1.7)% | 1.6% | 9.7% | 16.6% | IFIX | IFIX |
| VIGT11 |
Real Assets
(listed REIT)
|
441.5 | 4.9% | 13.1% | 40.2% | (22.9)% | N/A | N/A |
| Benchmark | 2Q'26 | YTD | 12 M | 24 M | ||
| CDIxvii | 3.3% | 6.8% | 14.8% | 28.7% | ||
| IMA-B 5xviii | 2.5% | 6.5% | 12.1% | 22.2% | ||
| IPCAxix | 1.4% | 3.4% | 4.6% | 10.2% | ||
| IFIXxx | (1.0)% | 1.5% | 10.0% | 14.4% | ||
| IPCA + Yield IMA-B | 3.7% | 7.3% | 13.0% | 27.4% | ||
| IBOVxxi | (8.2)% | 6.8% | 23.9% | 38.8% | ||
| S&P/BMV IPCxxii | (1.0)% | 5.8% | 20.6% | 37.0% | ||
| S&P MERVALxxiii | 5.7% | 3.8% | 54.7% | 96.3% | ||
| CEMBI Broad Divxxiv | 3.3% | 3.4% | 8.1% | 17.1% | ||
| CEMBI Broad Div HYxxv | 3.9% | 5.2% | 9.8% | 19.9% | ||
| PIP Cetes 28Dxxvi | 1.7% | 3.4% | 7.6% | 18.7% |
| Earnings Release | Vinci Compass | 20 |
| | |
Investment Records – Closed End Private Markets fundsxxvii
| Fund | Segment |
Vintage year | Committed Capital (R$mm) |
Invested Capital (R$mm) |
Realized or Partially Realized (R$mm) |
Unrealized (R$mm) |
Total Value (R$mm) |
Gross MOICi (BRL) |
Gross MOIC (USD) |
Gross IRRii (BRL) |
Gross IRR (USD) |
| Fund 1 | Private Equity | 2004 | 1,415 | 1,206 | 5,131 | 54 | 5,185 | 4.3x | 4.0x | 71.5% | 77.2% |
| VCP II | Private Equity | 2011 | 2,200 | 2,700 | 2,039 | 1,661 | 3,700 | 1.4x | 0.7x | 3.9% | (3.5%) |
| VCP III | Private Equity | 2018 | 4,000 | 2,572 | 318 | 4,449 | 4,767 | 1.8x | 1.7x | 15.6% | 13.4% |
| VCP IV | Private Equity | 2022 | 3,879 | 1,177 | – | 1,588 | 1,588 | 1.3x | 1.3x | 44.9% | 50.1% |
| VCP Strategyiii | Private Equity | 11,494 | 7,655 | 7,488 | 7,752 | 15,240 | 2.0x | 1.8x | 61.3% | 67.3% | |
| NE Empreendedoriv | Private Equity | 2003 | 36 | 13 | 26 | – | 26 | 2.1x | 2.6x | 22.0% | 30.5% |
| Nordeste III | Private Equity | 2017 | 240 | 134 | 294 | 20 | 314 | 2.3x | 1.8x | 20.0% | 13.4% |
| VIR IV | Private Equity | 2020 | 1,000 | 754 | 188 | 918 | 1,106 | 1.3x | 1.6x | 20.3% | 22.5% |
| VIR Strategyv | Private Equity | 1,276 | 901 | 507 | 939 | 1,446 | 1.7x | 1.6x | 21.1% | 26.0% | |
| SPS I | Credit | 2018 | 128 | 207 | 361 | 18 | 379 | 2.3x | 1.8x | 25.6% | 19.2% |
| SPS II | Credit | 2020 | 671 | 1,091 | 1,217 | 581 | 1,798 | 2.2x | 2.3x | 22.5% | 23.0% |
| SPS III | Credit | 2021 | 1,071 | 1,745 | 988 | 1,561 | 2,550 | 2.4x | 2.4x | 23.9% | 24.2% |
| SPS IV | Credit | 2025 | 1,561 | 436 | 13 | 468 | 481 | 2.0x | 2.1x | 23.3% | 32.1% |
| SPS Strategyvi | Credit | 3,431 | 3,478 | 2,579 | 2,629 | 5,208 | 2.2x | 2.2x | 23.4% | 23.0% | |
| MAV I | Credit | 2022 | 165 | 165 | 185 | 64 | 249 | 1.5x | 1.5x | 19.3% | 21.8% |
| MAV II | Credit | 2023 | 205 | 205 | 71 | 205 | 276 | 1.3x | 1.5x | 19.4% | 16.8% |
| MAV III | Credit | 2025 | 125 | 167 | 24 | 170 | 193 | N.M. | N.M. | N.M. | N.M. |
| MAV IV | Credit | 2026 | 313 | 313 | 7 | 314 | 321 | N.M. | N.M. | N.M. | N.M. |
| MAV Strategyvii | Credit | 808 | 850 | 287 | 753 | 1,039 | 1.4x | 1.5x | 19.4% | 19.0% | |
| Lacan Florestal I | Real Assets | 2012 | 253 | 253 | 255 | 315 | 571 | 2.3x | 1.3x | 10.6% | 2.8% |
| Lacan Florestal II | Real Assets | 2016 | 356 | 356 | 125 | 566 | 691 | 1.9x | 1.5x | 10.4% | 6.1% |
| Lacan Florestal III | Real Assets | 2020 | 502 | 465 | – | 647 | 647 | 1.4x | 1.4x | 11.1% | 10.4% |
| Lacan Florestal IV | Real Assets | 2023 | 260 | 216 | – | 274 | 274 | 1.3x | 1.4x | 21.6% | 27.3% |
| Lacan Strategyviii | Real Assets | 1,371 | 1,290 | 380 | 1,802 | 2,182 | 1.7x | 1.4x | 12.6% | 6.2% | |
| FIP Transmissãoix | Real Assets | 2017 | 211 | 104 | 367 | 9 | 375 | 3.6x | 2.7x | 55.5% | 40.4% |
| VIASx | Real Assets | 2021 | 386 | 350 | – | 528 | 528 | 1.5x | 1.5x | 13.7% | 13.1% |
| VICCxi | Real Assets | 2022 | 1,784 | 151 | – | 169 | 169 | 1.1x | 1.2x | 7.7% | 14.2% |
| VFDLxii | Real Assets | 2021 | 422 | 349 | 40 | 416 | 457 | 1.3x | 1.3x | 10.1% | 10.0% |
| Vinci Credit Infraxiii | Credit | 2022 | 1,848 | 1,451 | 96 | 1,649 | 1,745 | 1.2x | 1.2x | N.M. | N.M. |
| Earnings Release | Vinci Compass | 21 |
| | |
Shareholder Dividends & Share Summary
| ($ in thousands) | 3Q'24 | 4Q'24 | 1Q'25 | 2Q'25 | 3Q'25 | 4Q'25 | 1Q’26 | 2Q’26 |
| Adjusted Distributable Earnings (R$) | 57,104 | 73,946 | 62,306 | 75,759 | 73,092 | 81,288 | 62,237 | 63,317 |
| Adjusted Distributable Earnings (US$)xli | 9,872 | 12,804 | 11,027 | 13,964 | 13,645 | 15,605 | 12,702 | 12,424 |
| Adjusted DE per Common Share (US$)xlii | 0.19 | 0.20 | 0.17 | 0.22 | 0.22 | 0.24 | 0.19 | 0.19 |
| Actual Dividend per Common Sharexliii | 0.16 | 0.15 | 0.15 | 0.15 | 0.15 | 0.17 | 0.17 | 0.17 |
| VINP Shares | 3Q'24 | 4Q'24 | 1Q'25 | 2Q'25 | 3Q'25 | 4Q'25 | 1Q’26 | 2Q’26 |
| Shares Repurchased | ||||||||
| # of Shares | 374,834 | 607,643 | 683,148 | 173,762 | - | - | - | - |
| Average Cost (US$/share) | 10.38 | 10.28 | 10.07 | 9.47 | - | - | - | - |
| Capital Deployed (US$) | 3,890,849 | 6,246,577 | 6,879,698 | 1,645,210 | - | - | - | - |
| Class B | 14,466,239 | 14,466,239 | 14,466,239 | 14,466,239 | 14,466,239 | 14,466,239 | 14,466,239 | 14,466,239 |
| Class Axliv | 38,404,375 | 49,580,116 | 48,896,968 | 48,778,420 | 48,778,420 | 50,955,859 | 50,955,859 | 51,184,744 |
| Common Shares | 52,870,614 | 64,046,355 | 63,363,207 | 63,244,659 | 63,244,659 | 65,422,098 | 65,422,098 | 65,650,983 |
Vinci Compass generated R$0.96 or US$0.19 of Adjusted Distributable Earnings per common share for the second quarter of 2026. The company declared a quarterly dividend of US$0.17 per common share to record holders as of August 25, 2026; payable on September 9, 2026.
Common Shares Outstanding as of quarter end of 65,650,983 shares.
There were no common shares repurchased in the quarter and as of June 30, 2026, there was no remaining authorization for the share repurchase plan.
| Earnings Release | Vinci Compass | 22 |
| | |
Reconciliation and Disclosures
Non-GAAP Reconciliation
| (R$ thousands, unless mentioned) | 2Q'25 | 1Q'26 | 2Q'26 | 2Q'25 YTD | 2Q'26 YTD |
| OPERATING PROFIT | 69,884 | 97,927 | 92,794 | 137,288 | 190,721 |
| (-) Net revenue from realized performance fees | (17,054) | (2,890) | (7,345) | (20,131) | (10,235) |
| (-) Net revenue from unrealized performance fees | 8,711 | – | – | 8,711 | – |
| (+) Compensation allocated in relation to performance fees | 3,683 | 1,271 | 3,214 | 5,033 | 4,485 |
| FEE RELATED EARNINGS (FRE) | 65,224 | 96,308 | 88,663 | 130,901 | 184,971 |
| OPERATING PROFIT | 69,884 | 97,927 | 92,794 | 137,288 | 190,721 |
| (-) Net revenue from management fees | (195,569) | (244,858) | (252,191) | (391,098) | (497,049) |
| (-) Net revenue from advisory | (26,220) | (16,067) | (9,047) | (51,073) | (25,114) |
| (-) Other revenues | (10,944) | (11,040) | (11,190) | (22,206) | (22,230) |
| (+) Bonus related to management and advisory | 33,127 | 40,572 | 38,363 | 64,871 | 78,935 |
| (+) Personnel expenses | 20,682 | 24,731 | 26,609 | 40,807 | 51,340 |
| (+) Other general and administrative expenses | 17,423 | 19,298 | 19,085 | 32,854 | 38,383 |
| (+) Placement fee amortization and rebates | 17,792 | 20,823 | 23,781 | 38,807 | 44,604 |
| (+) Corporate center expenses | 78,484 | 70,234 | 75,927 | 156,136 | 146,161 |
| PERFORMANCE RELATED EARNINGS (PRE) | 4,660 | 1,619 | 4,131 | 6,387 | 5,750 |
| OPERATING PROFIT | 69,884 | 97,927 | 92,794 | 137,288 | 190,721 |
| (-) Net revenue from unrealized performance fees | 8,711 | – | – | 8,711 | – |
| (+) Compensation allocated in relation to unrealized performance fees | (3,083) | – | – | (3,083) | – |
| (+) Realized gain from GP investment income | 13,576 | 6,093 | 8,719 | 17,861 | 14,812 |
| SEGMENT DISTRIBUTABLE EARNINGS | 89,088 | 104,020 | 101,513 | 160,777 | 205,533 |
| NET INCOME | 66,773 | 109,338 | 52,563 | 122,701 | 161,901 |
| (-) Net revenue from unrealized performance fees | 8,711 | – | – | 8,711 | – |
| (+) Income tax from unrealized performance fees | (1,004) | – | – | (1,004) | – |
| (+) Compensation allocated in relation to unrealized performance fees | (3,083) | – | – | (3,083) | – |
| (-) Unrealized gain from GP investment income | 2,512 | 2,595 | 7,564 | 2,791 | 10,159 |
| (+) Income tax on unrealized gain from GP investment income | (2,672) | (90) | (37) | (1,978) | (127) |
| (-) Unrealized gain from financial income | – | – | – | – | – |
| (+) Income tax on unrealized gain from financial income | – | – | – | – | – |
| (-) Contingent consideration (earn-out) gain (loss)xlv | (12,932) | (42,895) | (10,292) | (22,478) | (53,187) |
| (+) Income tax on contingent consideration | 2,081 | 7,350 | 1,611 | 3,486 | 8,961 |
| (+) Depreciation and amortization | 6,250 | 8,361 | 8,092 | 12,481 | 16,453 |
| (+) Equity-based compensation | 4,333 | 5,753 | 5,009 | 9,336 | 10,762 |
| (-) Income Taxes on Equity-based compensation | 371 | 244 | 1,096 | 254 | 1,340 |
| (+) Equity gain (loss) | 3,996 | (885) | (262) | 6,197 | (1,147) |
| (+) Dividends received | – | 2,479 | 2,244 | – | 4,723 |
| (+) Non-operational expenses including income tax related to realized expensexlvi | 422 | 292 | 1,811 | 650 | 2,103 |
| (+) OCI Adjustmentxlvii | – | (23,007) | 2,019 | – | (20,988) |
| (-) Minority Interest | – | (7,298) | (8,101) | – | (15,399) |
| ADJUSTED DISTRIBUTABLE EARNINGS | 75,759 | 62,237 | 63,317 | 138,065 | 125,554 |
| TOTAL NET REVENUE FROM SERVICES RENDERED | 241,075 | 274,855 | 279,773 | 475,796 | 554,628 |
| (-) Net revenue from realized performance fees | (17,054) | (2,890) | (7,345) | (20,131) | (10,235) |
| (-) Net revenue from unrealized performance fees | 8,711 | – | – | 8,711 | – |
| NET REVENUE FROM MANAGEMENT FEES AND ADVISORY | 232,733 | 271,966 | 272,428 | 464,377 | 544,394 |
| Earnings Release | Vinci Compass | 23 |
| | |
Balance Sheet Results
| Assets | 03/31/2026 | 6/30/2026 |
| Current assets | ||
| Cash and cash equivalents | 208,545 | 224,968 |
| Cash and bank deposits | 106,053 | 92,426 |
| Financial instruments at fair value through profit or loss | 84,671 | 110,309 |
| Financial instruments at amortized cost | 17,821 | 22,233 |
| Financial instruments at fair value through profit or loss | 755,707 | 852,972 |
| Trade receivables | 190,973 | 211,615 |
| Sub-leases receivable | - | - |
| Taxes recoverable | 20,011 | 20,402 |
| Other assets | 76,954 | 84,890 |
| Total current assets | 1,252,190 | 1,394,847 |
| Non-current assets | ||
| Financial instruments at fair value through profit or loss | 883,744 | 888,928 |
| Financial instruments at amortized cost | 5,741 | 5,751 |
| Trade receivables | 27,384 | 27,451 |
| Taxes recoverable | 3,003 | 2,763 |
| Deferred taxes | 39,873 | 40,544 |
| Other receivables | 37,687 | 34,524 |
| 997,432 | 999,961 | |
| Investments accounted for using the equity method | 69,903 | 71,969 |
| Judicial deposits | 49,655 | 49,869 |
| Property and equipment | 71,456 | 72,079 |
| Right of use - Leases | 134,225 | 127,571 |
| Intangible assets | 1,318,733 | 1,372,438 |
| Total non-current assets | 2,641,404 | 2,693,887 |
| Total Assets | 3,893,594 | 4,088,734 |
| Earnings Release | Vinci Compass | 24 |
| | |
| Liabilities and equity | 03/31/2026 | 6/30/2026 |
| Current liabilities | ||
| Trade payables | 13,692 | 14,102 |
| Financial instruments at fair value through profit or loss | 29,508 | – |
| Deferred Revenue | 39,843 | – |
| Leases | 57,115 | 29,357 |
| Accounts payable | 41,543 | 38,184 |
| Labor and social security obligations | 40,858 | 101,408 |
| Loans and Financing | 14,295 | 163,582 |
| Taxes and contributions payable | 9,706 | 42,895 |
| Total current liabilities | 246,560 | 389,528 |
| Non-current liabilities | ||
| Accounts payable | – | – |
| Leases | 124,430 | 118,854 |
| Labor and social security obligations | 7,635 | 3,525 |
| Loans and Financing | 845,529 | 691,183 |
| Deferred taxes | 3,900 | 3,275 |
| Provision for contingencies | 50,136 | 50,285 |
| Retirement plans liabilities | 528,814 | 678,810 |
| 1,560,444 | 1,545,932 | |
| Total liabilities | 1,807,004 | 1,935,460 |
| Equity | ||
| Share capital | 19 | 19 |
| Additional paid-in capital | 2,236,406 | 2,263,114 |
| Treasury shares | (306,608) | (293,488) |
| Retained Earnings | 138,344 | 131,586 |
| Other reserves | (59,633) | (52,715) |
| 2,008,528 | 2,048,516 | |
| Non-controlling interests in the equity of subsidiaries | 78,062 | 104,758 |
| Total equity | 2,086,590 | 2,153,274 |
| Total liabilities and equity | 3,893,594 | 4,088,734 |
| Earnings Release | Vinci Compass | 25 |
| | |
Forward-Looking Statements
This earnings release contains forward-looking statements that can be identified by the use of words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “estimate” and “potential,” among others. By their nature, forward-looking statements are necessarily subject to a high degree of uncertainty and involve known and unknown risks, uncertainties, assumptions and other factors because they relate to events and depend on circumstances that will occur in the future whether or not outside of our control. Such factors may cause actual results, performance or developments to differ materially from those expressed or implied by such forward-looking statements and there can be no assurance that such forward-looking statements will prove to be correct. The forward-looking statements included herein speak only as at the date of this press release and we do not undertake any obligation to update these forward-looking statements. Past performance does not guarantee or predict future performance. Moreover, neither we nor our affiliates, officers, employees and agents undertake any obligation to review, update or confirm expectations or estimates or to release any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this press release. Further information on these and other factors that could affect our financial results is included in filings we have made and will make with the U.S. Securities and Exchange Commission from time to time.
| Earnings Release | Vinci Compass | 26 |
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i “Fee Related Revenues” is a measure that we use to assess our ability to generate profits from our fund management and advisory business without measuring for the outcomes from funds above their respective benchmarks. We calculate Net Revenue from Fund Management and Advisory as net revenue from services rendered less (a) net revenue from realized performance fees and less (b) net revenue from unrealized performance fees.
ii “Fee related earnings”, or “FRE”, is a metric to monitor the baseline performance of, and trends in, our business, in a manner that does not include performance fees, investment income and expenses that do not arise from our normal course of operations. FRE is calculated as operating profit, less (a) net revenue from realized performance fees, less (b) net revenue from unrealized performance fees, plus (c) share-based payments plus (d) compensation allocated in relation to performance fees plus (e) non-operational expenses, which are comprised of expenses relating to professional services rendered in connection with acquisitions and our international corporate organization.
iii “FRE Margin” is calculated as FRE divided by the sum of net revenue from fund management and net revenue from advisory services.
iv “FRE per share” is calculated considering the number of outstanding shares at the end of the current quarter. Full-year values are calculated as the sum of the last four quarters.
v “Performance Related Earnings”, or “PRE”, is a performance measure that we use to assess our ability to generate profits from revenue that relies on outcomes from funds above their respective benchmarks. We calculate PRE as operating profit less (a) net revenue from fund management, less (b) net revenue from advisory services, plus (c) personnel and profit-sharing expenses, plus (d) other general and administrative expenses, less (e) compensation in relation to performance fees.
vi “PRE Margin” is calculated as PRE divided by net revenue from performance fees.
vii “Segment Distributable Earnings” is Vinci Compass’ segment profitability measure used to make operating decisions and assess performance across the company’s segments. Segment Distributable Earnings is calculated as operating profit less (a) net revenue from unrealized performance fees, plus (b) compensation allocated in relation to unrealized performance fees, plus (c) realized gain from GP investment income.
viii “Other items” comprise the income/(loss) generated by financial income/(expenses) related to acquisitions, Ares Convertible Preferred Shares and other financial expenses.
ix “Non-operational expenses” are composed by expenses related to professional services to matters related to acquisitions.
x Minority interest comprises the portion of earnings attributable to the non-controlling interest, following Vinci Compass’ acquisitions of controlling stakes in the Verde and BACS transactions. Therefore, results are fully consolidated in Fee Related Earnings (FRE), and the non-controlling interest is deducted prior to arriving at Distributable Earnings (DE) and Adjusted Distributable Earnings (Adjusted DE).
xi “Distributable Earnings”, or “DE”, is used as a reference point by our board of directors to assess our performance and capabilities to distribute dividends to our shareholders. Distributable Earnings is calculated as profit for the year, less (a) net revenue from unrealized performance fees, plus (b) income taxes from unrealized performance fees, plus (c) compensation allocated in relation to unrealized performance fees, less (d) unrealized gain from investment income, plus (e) income taxes on unrealized gain from investment income, plus (f) share-based payments, plus (g) income taxes on share-based payments, plus (h) depreciation and amortization, except for depreciation and amortization relating to each segment’s investments, less (i) contingent consideration (earn-out) gain (loss) (after tax).
xii “DE Margin” is calculated as Distributable Earnings divided by sum of net revenue from fund management, net revenue from performance fees, net revenue from advisory services, net revenue from other revenues and realized gain from investment income.
xiii “Adjusted Distributable Earnings”, or “Adjusted DE”, is used as a reference point by our board of directors for determining the amount of earnings available to distribute to shareholders as dividends. Adjusted Distributable Earnings is calculated as Distributable Earnings, plus expenses relating to professional services rendered in connection with acquisitions, our business combination with Compass and our international corporate organization (including income tax related to realized expense).
xiv “Adjusted DE Margin” is calculated as Adjusted Distributable Earnings divided by the sum of net revenue from fund management, net revenue from performance fees, net revenue from advisory services, net revenue from other revenues and realized gain from investment income.
xv “Adjusted DE per share” is calculated considering the number of outstanding shares at the end of the current quarter. Full-year values are calculated as the sum of the last four quarters.
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xvi NAV is the net asset value of each fund. For listed vehicles, the NAV represents the Market valuation of the fund ex-dividends.
xvii CDI is an average of interbank overnight rates in Brazil (daily average for the period).
xviii IMAB is composed by government bonds indexed to IPCA. IMAB 5 also includes government bonds indexed to IPCA with up to 5 Years in duration.
xix IPCA is a broad consumer price index measured by the IBGE.
xx IFIX is an index composed by listed REITs in the Brazilian stock Market.
xxi Brazil stock market most relevant index.
xxii S&P/BMV IPC seeks to measure the performance of the largest and most liquid stocks listed on the Mexican Stock Market.
xxiii S&P MERVAL Index, Argentina’s flagship index, seeks to measure the performance of the largest, most liquid stocks trading on the Argentinian Stock Market.
xxiv CEMBI Broad Div tracks the performance of US dollar-denominated bonds issued by emerging market corporate entities.
xxv The J.P. Morgan CEMBI Broad Diversified HY index tracks liquid, US Dollar emerging market fixed and floating-rate debt instruments issued by corporate, sovereign, and quasi-sovereign entities.
xxvi PiP Cetes 28d is an index that invests in Cetes 28-day securities. Cetes are Treasury Certificates issued by the Mexican government.
xxvii Track record information is presented throughout this release on a pro forma basis and in local currency,
excluding PIPE investments, a strategy that will be discontinued in VCP III.
xxviii “MOIC” means multiple on invested capital, a ratio intended to represent how much value an investment has returned, and is calculated as realized value plus unrealized value, divided by the total amount invested, gross of expenses and fees.
xxix “IRR” means the internal rate of return, which is a discount rate that makes the net present value of all cash flows equal to zero in a discounted cash flow analysis.
xxx Committed capital for VCP III and VCP IV consider amounts of co-investments. Returns, however, consider only the amounts invested to the main funds. Track record presented for the VCP strategy as of 1Q’26, due to fund’s administrator timeline to disclose the quarterly markup of the fund.
xxxi Performance information for Nordeste Empreendedor (“NE I”) comprises only the four (out of seven) investments invested, managed and divested by a team led by Jose Pano (collectively, the ”Participating Investments”) while they were employed by NE I’s manager (the “NE I Manager”), an entity not affiliated with the manager or Vinci Compass. Information herein pertaining to any investments made by NE I manager has not been prepared by NE I manager and NE I manager assumes no responsibility for the accuracy or completeness of any such information.
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xxxii Track record for VIR strategy is presented as of 1Q’26, due to fund’s administrator timeline to disclose the quarterly markup of the fund.
xxxiii Track record for Vinci SPS strategy is presented as of 2Q’26.
xxxiv Track record for MAV strategy is presented as of 2Q’26.
xxxv Track record for Lacan strategy is presented as of 2Q’26.
xxxvi Track record for FIP Infra is presented as of 2Q’26.
xxxvii Track record for VIAS is presented as of 2Q’26.
xxxviii Total commitments for VICC are presented as of 2Q’26.
xxxix Track record for VFDL is presented as of 2Q’26.
xl Track record for Vinci Credit Infra is presented as of 2Q’26.
xli US$ Distributable Earnings was calculated considering the exchange rate from USD to BRL of 5.0963, as of August 10, 2026, when dividends were approved by our Board of Directors.
xlii Per Share calculations are based on end of period Participating Common Shares.
xliii Actual dividends per common share are calculated considering the share count as of the applicable record date.
xliv As of June 30, 2026, Public Float was comprised of 16,029,238 Class A common shares.
xlv Contingent consideration adjustment (after-tax) reflects the change in earn out’s fair value to be paid in stock, due to variation in the stock price in the period.
xlvi Non-operational expenses are comprised of expenses related to professional services rendered in connection with acquisitions.
xlvii OCI comprises foreign exchange variations from the consolidation of subsidiaries whose functional currencies are not Brazilian reais, which are recognized directly in shareholders’ equity (other comprehensive income) and do not affect profit or loss.
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